German leader Hengeler Mueller and Linklaters have won lead roles on the world’s largest convertible bond, securing the two firms’ prestigious roles in a landmark deal for Germany’s capital markets.

The deal saw Linklaters advise the issuer, German state-owned development bank Kreditanstalt fuer Wiederaufbau (KfW), on the launch of a e4.5bn (£3.5bn) exchangeable bond in a move which is seen as part of a bid by the German Government to raise funds to allow for tax cuts next year.